Business Economics and Commercial Knowledge

Paper Code: 
BCP-112
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

 

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

BCP-112

Business Economics and Commercial Knowledge

On successful completion of this subject, students should be able to:

CO 9:Relate households (demand) and businesses (supply) in various market structures to determine price and quantity of a good produced.

CO 10:Learn Consumer behaviour

CO 11:Examine the links between production costs and the economic models of supply and Determination of price in different markets

CO 12:Examine the business cycles and forms of business organization

CO 13:Analyze the business environment and the government policies supporting business environment

CO 14 :AnalyzeOrganizations Facilitating Business and the common business terminologies

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments, Interactive White Board, Incorporating technology in teaching

Learning activities for the students:

Self learning assignments, Effective questions

Class test, Semester end examinations, Quiz,  Assignments, Class interaction, Presentation, Case study analysis, Open ended questions, think-pair-share, Socratic seminar

   

 

18.00
Unit I: 

Introduction to Business Economics:
Meaning and scope of Business Economics
Basic Problems of an Economy and Role of Price Mechanism.
Theory of Demand and Supply:
Meaning and determinants of demand, Law of demand and Elasticity of demand ─ Price, income and cross elasticity
Theory of consumer’s behaviour – Marshallian approach and Indifference curve approach
Meaning and determinants of supply, Law of supply and Elasticity of supply. Demand Forecasting

18.00
Unit II: 

Theory of Production and Cost:
Meaning and Factors of production
Laws of Production – The Law of Variable proportions and Laws of Returns to Scale, Producer’s equilibrium
Concepts of Costs ─ Short-run and long-run costs, Average and marginal costs, Total, fixed and variable costs.
Price Determination in Different Markets:
Various forms of markets – Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly
Price determination in these markets.

18.00
Unit III: 

Business Cycles: Meaning, Phases, Features, Causes behind these Cycles.
Business and Commercial Knowledge – Nature of Business, Profession and Employment. Objectives of Business. Economic and Non-Economic Activities, Forms of Business Organizations.
Business Organizations Overview of Selected Indian and Global Companies.

18.00
Unit IV: 

Business Environment Micro and Macro Environment, Elements of Micro Environment – Consumers/Customers, Competitors, Organization, Market, suppliers, Intermediaries, Elements of Macro Environment – Demographic, Economic, Political-legal, Socio-cultural, Technological, Global Environment.
Government Policies for Business Growth Policies creating conducive business environment such as Liberalization, Privatization, Foreign Direct Investment.

18.00
Unit V: 

Organizations Facilitating Business
Indian Regulatory Bodies – RBI, SEBI, CCI, IRDAI
Indian Development Banks – IFCI, SIDBI, EXIM Bank, NABARD
Common Business Terminology
Finance and Stock & Commodity Markets Terminology.
Marketing Terminology.
Banking Terminology.
Other Business Terminology

References: 

1. Study Material Published by Institute of Chartered Accountants of India
2. Economic law-Tejpal Sheth
3. Jain, Khanna and Tiwari, Modern business Economics, V.K.Enterprises, New Delhi
4. Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi
5. Koutsoyiannis, Modern Economics, New York, Macmillan,1991
6. Keat Paul G & K.Y.Young, Managerial Economics, Prentice Hall, New Jersey
7. Dipsey R.G and Cheystal, Principles of economy, Oxford university Press

Academic Year: